Happy New Year’s Day! For my first post of 2015, I’m continuing the discussion about surviving on Wall Street – with a focus this time on those professionals with 10 years in.
By now, you should be a master of the daily rhythms of the Street. The rush to commute into the office early. The ritual of kowtowing and expected obsequiousness, all before your first meal. And, innumerable lunches at the desk because you can’t dare take even a moment away from the job.
The punishing pressures of each work day are beyond comprehension for the most part to anyone not familiar with working at an executive level on the Street.
Naturally, for many, this is precisely the allure of the Street. Being a Master of the Street’s rhythms means commuting at 3:15 a.m. with aplomb. Nothing ruffles a Master’s feathers. There is always a backup plan. When a key client’s CEO and team are arriving for a private lunch with the firm’s leadership, and the order-in sushi is late, the Master is prepared and has reservations at a private dining room in the six-star restaurant around the corner. Nothing, and I mean, nothing, is ever left to chance.
And your career? Without a doubt, you must apply the exact same discipline which has made you successful enough to last 10 years on the Street to your career management. Yes, that’s active career management. Nothing in your career design – on a DAILY basis – can be left to chance. Everything (yes, even down to the smallest detail of saying “hello” to the receptionist in the morning) must be scripted, architected, planned, and thought through thoroughly. And then, when all that is complete, a second layer of “just in case” backup plans need to be drawn up alongside in the event something unexpected should happen.
If there is anything that is certain on the Street, its uncertainty itself, and you can expect it to rear its ugly head at the most inopportune moments. Some examples:
· A few weeks ago, a managing director was on her way to a lunch to meet with some very important potential clients. As she walked down a hallway, a trader holding a coffee cup ran full tilt into her, drenching her suit coat with dark coffee stains. Without missing a beat, she stepped back into her office and pulled a duplicate coat out, making the lunch meeting with time to spare – and looking her sartorial best.
· One partner of a prominent Wall Street institution was recently in an elevator with two ultra-high net worth prospective clients, heading up to the boardroom in the penthouse for a presentation with the Board of Directors. Suddenly, the elevator stopped just before their floor. As a recorded announcement informed them the problem was being worked on, the partner quickly realized he had a captive audience (no pun intended). Pulling out his smart phone, he loaded the presentation and started pitching right there in the stuck elevator. By the time the malfunction was corrected and they arrived at the penthouse, the partner was already shaking hands with the two newly-sold investors and the Board meeting changed from a presentation to a celebration of two very substantial new investment accounts.
The takeaway? Fast of mind and fleet of feet. Said Abbas Shah, a recognized Macro Algo trading expert and an authority on client relationships, “You simply have to anticipate what your client is going to want before they know they want it.” When I asked if that was akin to a magic act, he said “No, of course not. It takes years of experience and devotion to your clients’ every need before you can operate like that at this level.”
So there you have it.
Next up: Getting the most out of third party Job Boards (e.g., indeed.com or simplyhired.com, etc.)
By now, you should be a master of the daily rhythms of the Street. The rush to commute into the office early. The ritual of kowtowing and expected obsequiousness, all before your first meal. And, innumerable lunches at the desk because you can’t dare take even a moment away from the job.
The punishing pressures of each work day are beyond comprehension for the most part to anyone not familiar with working at an executive level on the Street.
Naturally, for many, this is precisely the allure of the Street. Being a Master of the Street’s rhythms means commuting at 3:15 a.m. with aplomb. Nothing ruffles a Master’s feathers. There is always a backup plan. When a key client’s CEO and team are arriving for a private lunch with the firm’s leadership, and the order-in sushi is late, the Master is prepared and has reservations at a private dining room in the six-star restaurant around the corner. Nothing, and I mean, nothing, is ever left to chance.
And your career? Without a doubt, you must apply the exact same discipline which has made you successful enough to last 10 years on the Street to your career management. Yes, that’s active career management. Nothing in your career design – on a DAILY basis – can be left to chance. Everything (yes, even down to the smallest detail of saying “hello” to the receptionist in the morning) must be scripted, architected, planned, and thought through thoroughly. And then, when all that is complete, a second layer of “just in case” backup plans need to be drawn up alongside in the event something unexpected should happen.
If there is anything that is certain on the Street, its uncertainty itself, and you can expect it to rear its ugly head at the most inopportune moments. Some examples:
· A few weeks ago, a managing director was on her way to a lunch to meet with some very important potential clients. As she walked down a hallway, a trader holding a coffee cup ran full tilt into her, drenching her suit coat with dark coffee stains. Without missing a beat, she stepped back into her office and pulled a duplicate coat out, making the lunch meeting with time to spare – and looking her sartorial best.
· One partner of a prominent Wall Street institution was recently in an elevator with two ultra-high net worth prospective clients, heading up to the boardroom in the penthouse for a presentation with the Board of Directors. Suddenly, the elevator stopped just before their floor. As a recorded announcement informed them the problem was being worked on, the partner quickly realized he had a captive audience (no pun intended). Pulling out his smart phone, he loaded the presentation and started pitching right there in the stuck elevator. By the time the malfunction was corrected and they arrived at the penthouse, the partner was already shaking hands with the two newly-sold investors and the Board meeting changed from a presentation to a celebration of two very substantial new investment accounts.
The takeaway? Fast of mind and fleet of feet. Said Abbas Shah, a recognized Macro Algo trading expert and an authority on client relationships, “You simply have to anticipate what your client is going to want before they know they want it.” When I asked if that was akin to a magic act, he said “No, of course not. It takes years of experience and devotion to your clients’ every need before you can operate like that at this level.”
So there you have it.
Next up: Getting the most out of third party Job Boards (e.g., indeed.com or simplyhired.com, etc.)